Dornin Investment Group Sells 65,380 SF Office Property in Riverside, California
RIVERSIDE, CALIF. — Dornin Investment Group (DIG) has completed the disposition of 2280 Market Street, its fifth and final multi-tenant office building of its five-building Riverside Office Portfolio in Riverside. A California-based company acquired the final asset for $13.1 million, or $200 per square foot.
The three-story property features 65,380 square feet of office space. At the time of sale, the building was 68 percent occupied. DIG recently completed renovations to the lobby, common areas and landscaping while building two speculative office suites.
Anthony Delorenzo, Sammy Cemo, Bryan Johnson and Doug Mack of CBRE represented DIG in the deal. Tom Pierik and David Mudge of Lee & Associates provided leasing services for the property.
The total sales of the portfolio reached $59.4 million, or $266 per square foot. DIG originally purchased the five-property portfolio from an institutional ownership group in October 2018 for $44.3 million, or $198 per square foot.